Jiangsu Cable Controlling Shareholder Adjusts Share Repurchase Plan: Cancels 4 Yuan/Share Price Cap, 100-150 Million Yuan Increase Still to Proceed

On March 19, 2026, Jiangsu Broadcasting Cable Information Network Co., Ltd. (hereinafter referred to as “Jiangsu Cable”) announced that its controlling shareholder, Jiangsu Cultural and Technology Holding Group Co., Ltd. (hereinafter referred to as “Provincial Cultural and Technology Group”), has adjusted its previously disclosed share increase plan. The decision was made to cancel the original restriction of “not exceeding 4 yuan per share” for the purchase price, with other terms remaining unchanged. The adjustment plan has been approved by the company’s board of directors and is subject to shareholder approval before implementation.

Review of the Original Share Increase Plan

According to the announcement, Jiangsu Cable first disclosed its controlling shareholder’s share increase plan on November 8, 2025. Under the original plan, Provincial Cultural and Technology Group intended to increase its holdings of the company’s unrestricted circulating A-shares through centralized bidding on the Shanghai Stock Exchange within a 12-month period from November 8, 2025, to November 7, 2026. The planned increase amount ranged from no less than 100 million yuan (inclusive) to no more than 150 million yuan (inclusive), with a purchase price not exceeding 4 yuan per share.

Progress of the Share Increase: Not Yet Implemented

The announcement states that since the plan was disclosed on November 8, 2025, Provincial Cultural and Technology Group has not yet carried out any share purchase operations. The total shares increased are zero yuan. As of the date of this announcement, Provincial Cultural and Technology Group directly holds 2,629,131,747 shares of Jiangsu Cable, representing 52.58% of the total share capital, remaining the company’s controlling shareholder and actual controller.

Core of the Adjustment: Removal of Price Cap

According to the letter from Provincial Cultural and Technology Group titled “On Adjusting Matters Related to Jiangsu Broadcasting Cable Information Network Co., Ltd. Stock Increase,” based on regulatory requirements and voluntary commitments, the key change in this share increase plan is to remove the original “not exceeding 4 yuan per share” price limit, changing it to “no price limit.” Aside from the price restriction, other aspects of the original plan—including the increase amount range, implementation period, and method—remain unchanged.

The announcement also notes that the above adjustment plan has been reviewed by the company’s sixth board of directors’ fourth independent director meeting and the seventeenth meeting of the sixth board. According to the China Securities Regulatory Commission’s “Guidelines for Listed Company Supervision No. 4—Commitments by Listed Companies and Their Related Parties (2025 Revision),” this adjustment plan still requires approval by the company’s shareholders’ meeting before it can be officially implemented.

Funding Arrangements and Risk Reminder

Regarding the source of subsequent funds for the share increase, the announcement clarifies that Provincial Cultural and Technology Group will continue to use its own funds or self-raised funds (including special loans for share purchase) to carry out the follow-up increase.

In terms of risk, Jiangsu Cable points out that this share increase plan may face risks such as changes in the capital market environment, failure to obtain shareholder approval for the adjustment plan, or other unpredictable factors, which could prevent the plan from achieving its expected results or being implemented. The company emphasizes that this plan will not change the company’s controlling shareholder or actual controller, and currently, there is no early termination of the plan.

Jiangsu Cable states that the company will continue to monitor the progress of the controlling shareholder’s share increase plan and will fulfill its information disclosure obligations in a timely manner according to regulatory requirements.

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